Bangkok--17 Mar--Standard & Poor's
Standard & Poor's Ratings Services said today it assigned its 'AAA' rating and stable outlook to Maricopa County Community College District, Ariz.'s series 2009C Project Of 2004 general obligation (GO) bonds, and affirmed its 'AAA' rating on the district's outstanding GO debt.
"The rating reflects the district's deep and diverse economic base encompassing the Phoenix metropolitan area and strong historical growth in secondary assessed valuation," said Standard & Poor's credit analyst Sussan Corson. However, home price declines in the area appear to have stalled growth in fiscal 2010. The rating also reflects:
-- Strong financial policies and management practices and diverse revenue streams, which help to mitigate cuts in state funding, economic downturns or enrollment declines;
-- The district's continued exceptionally strong and stable financial performance, evidenced by ongoing operating surpluses and rising fund balances;
-- Continued financial flexibility with the ability to raise tuition levels for operating purposes without limit, especially given its competitive tuition and fees; and
-- A low overall net debt burden and very rapid amortization.
The series 2009C bonds are secured by unlimited ad valorem taxes on all taxable property within the district.
Coterminous with Maricopa County ('AAA' ICR) in central Arizona, the district is the largest community college system in the nation, providing lower-level undergraduate courses, job training services, and other technical and developmental academic programs to a large and diverse economic area. The district runs 10 accredited colleges, plus two skill centers and two charter high schools, and is the state's largest provider of health care workers and job training.
Complete ratings information is available to RatingsDirect subscribers at www.ratingsdirect.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com; select your preferred country or region, then Ratings in the left navigation bar, followed by Find a Rating.
Media Contact:
Ana Sandoval, New York (1) 212-438-5095, [email protected]
Analyst Contacts:
Sussan Corson, New York (1) 212-438-2014
David G Hitchcock, New York (1) 212-438-2022
Key Contacts:
Americas Media Relations: (1) 212-438-6667
media_ [email protected]
Americas Customer Service: (1) 212-438-7280
[email protected]